As Audacy drops off the Wall Street radar (delisting info HERE), the company plans to push back. A written request will be filed within 10 days, according to a widely distributed press notice.
“While we are disappointed by the NYSE’s decision, we are hopeful we will find our way back to the exchange later this year” –President & CEO David Field, Audacy
Audacy President and Chairman David Field has voiced a two-point plan. First, a reverse stock split — a mechanical tactic which would automatically double the stock price as the share float is halved. That by itself would satisfy the New York Stock Exchange listing rules.
Additionally, Field predicts that “macroeconomic conditions” will improve, and the company “will benefit from a general market recovery.”
“Over the past few years, we have taken a number of transformational actions to give Audacy a leading, differentiated, and scaled position in the dynamic audio space, including podcasting, streaming audio, and our leadership presence across the country’s largest markets and our unrivaled strength in sports and news radio.” –David Field, President & CEO, Audacy
